As much of Europe and the United States wonder what will come next in the tumultuous financial and real estate markets, Turkey is providing a bit of calm in a sea of unrest. House prices and sales have fallen in the US, England, Spain and other countries, but Turkey is looking for continued growth in the years ahead.
Deutsche Bank predicts 5-6% economic growth per year over the next 10-15 years, so the economy will continue to produce and grow. Because of Turkey’s strict banking laws, the country has been relatively unscathed by the ongoing turmoil in financial markets. The country only recently introduced mortgages and the majority of buyers rely on their savings to buy property. Interest rates for mortgages have been high as well, so people have avoided using them.
In addition to a strong economy and healthy real estate sector, Turkey has seen an upswing in tourism. Officials are expecting 24 million visitors by the end of 2008, which is an increase of 14% over 2007. The country continues to invest in infrastructure and facilities, particularly in the Mediterranean coast as well as the city of Istanbul. Istanbul is one of the most popular city destinations for property buyers in Europe, and the Turkish coast is where holiday travelers head.
On top of everything else, Turkey is growing as a popular golf destination. The International Association of Golf Tour Operators (IAGTO), a global trade organization for golf tourism, annually presents awards for the best resorts and countries for golf throughout the world, and in 2008 Turkey won for the Golf Destination of the Year – Europe. With so much going for it, Turkey is a solid investment for those who want to buy abroad.